Icon Wealth Advisors LLC Has $5.34 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Icon Wealth Advisors LLC lessened its holdings in Adobe Inc. (NASDAQ:ADBE) by 2.1% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,313 shares of the software company’s stock after selling 226 shares during the quarter. Icon Wealth Advisors LLC’s holdings in Adobe were worth $5,340,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Piscataqua Savings Bank increased its holdings in Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after purchasing an additional 34 shares during the period. MidAtlantic Capital Management Inc. bought a new position in shares of Adobe during the third quarter worth about $30,000. Summit Securities Group LLC acquired a new position in shares of Adobe in the second quarter worth approximately $33,000. Lynx Investment Advisory bought a new stake in Adobe in the second quarter valued at approximately $39,000. Finally, Briaud Financial Planning Inc bought a new position in Adobe during the 3rd quarter worth approximately $36,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Adobe news, CFO Daniel Durn sold 6,500 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the transaction, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. This represents a 23.78 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the transaction, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This trade represents a 6.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,187 shares of company stock valued at $17,736,369 over the last three months. Corporate insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the topic of a number of analyst reports. Stifel Nicolaus upped their price objective on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Morgan Stanley reissued an “overweight” rating and issued a $660.00 price objective on shares of Adobe in a research note on Friday, September 13th. StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Bank of America reissued a “buy” rating and issued a $640.00 price objective on shares of Adobe in a research note on Friday, September 13th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a research note on Tuesday, October 15th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Stock Performance

ADBE stock opened at $513.68 on Friday. The firm has a market cap of $226.12 billion, a PE ratio of 43.39, a P/E/G ratio of 2.67 and a beta of 1.30. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The business has a 50 day moving average of $503.14 and a 200-day moving average of $519.72. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.53 by $0.12. The company had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. Adobe’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the company posted $3.26 earnings per share. As a group, sell-side analysts expect that Adobe Inc. will post 14.82 earnings per share for the current year.

About Adobe

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.